From West to East, entrepreneurship is redefining
By Renjith VP, SiliconIndia   |   Friday, 12 November 2010, 14:25 IST   |    2 Comments
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From West to East, entrepreneurship is redefining
Bangalore: "Two roads diverged in a wood, I took the one less traveled by, and that has made all the difference." If you wish to be an entrepreneur - act the lines, if you are an entrepreneur - recall these lines always, because with the trends in entrepreneurship emerging into a new phase, innovation and travelling the 'road not taken' will make all the difference. The definition of an entrepreneur as someone who undertakes finance and business acumen in an effort to transform innovations into economic goods seems to be a rather cliched one. New trends are scintillating the shores entrepreneurship with a new wave of positive and young energy. This seems to be the exact reason by which countries in the east, especially India and China are becoming highly entrepreneurial with our young generation all set to ideate, strategize and execute. But when the new workforce of India with fresh entrepreneurs enters the competitive arena, they are going to tackle best who lack conviction and the worst that are full of passionate intensity. Understanding the new trends in entrepreneurship and a clear cut idea about the real-time work culture is the only way one can be a successful entrepreneur. The rise of young entrepreneurs is prolonging the meaning of the demographic dividend. Demographers point out that most of the emerging world will stay young while the rich world ages. In 2020 the median age in India will be 28, compared with 38 in America, 45 in Western Europe and 49 in Japan. But the dividend will be paid not just in the form of more favorable dependency ratios but also in a more entrepreneurial business culture. Young people are innately more inclined to overthrow the existing order than are their elders. First the information revolution and now the pro-entrepreneurial revolution will be decisive on 'who will be who' in the coming years. Trends indicate that Entrepreneurial energy is moving east ward and young women who take the reins from the front seem to be a new whiff of positive spirit. Moreover India has succeeded at building an innovation and R&D capability despite its weak education system: its private industry reeducates its engineering graduates.More innovation is good, no matter where it happens, but America is going to face tough competition from the rising powers in the East mainly in India and China. It is also seen that clouds are gaining importance in all aspects of technology. More and more companies abandon traditional software and convert their operations to the cloud. This is a great trend for entrepreneurs who can accomplish just as much as big businesses for a lot less expensive cloud-driven solutions. For example, 2 years ago almost every business used Outlook or some other computer-based email client for its employees. Today we are seeing some companies, especially those with entrepreneurs under the age of 40, switch to web-based apps. Google Apps seems to be the most popular for now, but the point is clear - the practices of purchasing expensive software to load on each computer and servers to host all of the company's data are becoming antiquated and cumbersome. And as mentioned earlier, things are changing. People identify the need to be more original and instead of copying the western technologies, they take a step beyond that to be more innovative. Today the government simply finds it difficult to innovate fast enough to keep pace with the pervasive threats and dynamics on many industries and infrastructures and the need for entrepreneurs are on a hike. It seems that government officials are open to change and are eager to embrace new technologies; yet they have no idea where to start or how to get around their own bureaucracy. Does this sound like the point where you can step in, impress and direct them with your entrepreneurial skills? Come on - you are going to drive the system instead of simply being a part of it!

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